If you are reading this is because you are in financial trouble and you need help fast to get your credit card debt and other types of debt under control. In recent years, the number of bankruptcy filings has doubled due to the state of our economy. Millions of hard working Americans have been laid off from their jobs, got a pay cut or have faced economic trouble due to a medical condition. Whatever your situation may be, you should know that you are not alone and that this process is actually simpler than you might think. This short article will talk about how to file bankruptcy and give some information before you meet with a lawyer. First of all, what you need to know is that there are two types of bankruptcy filings: Chapter 7 and Chapter 13. The first type helps you get rid of all your unsecured debt after you receive a court discharge. This gives a complete fresh start and once you file, you put a stop to harassing creditor calls, foreclosures or threats to garnish your wages or repo you car and other properties. A Chapter 13 or the Wage Earners bankruptcy is a court mandated payment plan on which the judge determines a payment plan for you to repay your debt. This depends on the money you have leftover after you cover all of your living expenses. Consult with your lawyer about the requirements that you need to meet in order to file for Chapter 13. This repayment plan can be either 36 or 60 months depending on your individual circumstances.
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